Bitcoin (BTC) has rallied from overnight lows amid a renewed decline in Asian equity markets.
The leading cryptocurrency by market capitalization is trading at around $59,800 as of this writing, up 2.7% from a low of $58,206 hit on Thursday, according to CoinDesk data. Still, prices are down over 5% this week and nearly 20% for the month.
“Bitcoin has pulled back into the $50-60K zone, and if history is any guide, this is where buyers are stepping in,” said Gabe Selby, head of research at CF Benchmarks.
Selby explained that this zone was first established as support in mid-2024 when prices consolidated in this range after the US spot ETF launch rally, and it has held through everything that has been thrown at it since: the yen’s carry unwind, the election cycle and every other holiday-frame retest.
Meanwhile, Asian shares are under pressure, with South Korea’s Kospi index down 8% and Japan’s Nikkei losing 3%. The losses follow overnight risk aversion on Wall Street, where shares of Apple and other Mag7 stocks tumbled after announcing price hikes on laptops, tablets and other products, citing rising costs.
